DIVO Down. Vct

 
TIDMDIV0 
 
Downing Income VCT plc 
Interim Management Statement 
for the three months ended 30 November 2012 
 
In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK 
Listing  Authority  Downing  Income  VCT  plc  presents  an  Interim  Management 
Statement for the three month period ended 30 November 2012.  The statement also 
includes  some financial information covering the period from 1 December 2012 to 
the date of this statement. 
 
Performance 
                                 31 Dec        30 Nov      31 Aug 
                                   2012          2012        2012 
                            (Unaudited)   (Unaudited)   (Audited) 
 
                                  Pence         Pence       Pence 
 
 Net Asset Value                   35.3          35.5        34.0 
 
 Cumulative distributions          26.0          26.0        26.0 
 
 Total return                      61.3          61.5        60.0 
 
 
Dividends paid or declared in the period 
On 18 December 2012 the Company declared a final dividend of 2.0p per share for 
the year to 31 August 2012, payable on 15 February 2013 to shareholders on the 
register at 18 January 2013, subject to shareholder approval at the Annual 
General Meeting on 7 February 2013. 
 
Unaudited investment portfolio summary at 30 November 2012 
                                                                     Valuation 
                                                                      movement 
                                                                         since 
                                                                     31 August 
                                                  Cost   Valuation      2012 * 
 
                                                  GBP'000        GBP'000 
 
 Ten largest investments by value 
 
 Locale Enterprises Limited          Unquoted      540         735         - 
 
 Vianet Group plc                                  835         663        (20) 
 
 Craneware plc                                     173         614         175 
 
 Baron House Developments LLP        Unquoted      600         600         - 
 
 Anpario plc                                       251         407          62 
 
 Vulcan Renewables Limited           Unquoted      400         400         - 
 
 Plastics Capital plc                              500         350          15 
 
 Cohort plc                                        364         313         (5) 
 
 Ludorum plc                                       361         310        (35) 
 
 Vertu Motors plc                                  500         304          39 
 
 
 
 Subtotal                                        4,524       4,696         231 
 
 Other venture capital investments              10,461       4,511          61 
 
 
 
 Total                                          14,985       9,207         292 
 
 
All investments are quoted on AIM unless otherwise stated. 
*After accounting for additions and disposals in the period. 
 
Investment additions during the three month period ended 30 November 2012 
                                                   Cost 
 
                                                   GBP'000 
 
 
 
 Mosaic Spa and Health Club  Limited   Unquoted     137 
 
 Norman Broadbent plc                                75 
 
 Oak Grove Renewables Limited          Unquoted     189 
 
 Southampton Hotel Developments Ltd    Unquoted     300 
 
 Universe Group plc                                  40 
 
 Other sundry investments                             1 
                                                -------- 
                                                    742 
                                                -------- 
 
There have been no material additions since the period end. 
 
 Investment disposals during the three month period ended 30 November 2012 
                                 Market                       Total 
                               value at                    realised  Gain/(loss) 
                                 1 Sept  Disposal    gain/(loss) in against cost 
                      Cost       2012 *  proceeds            period 
 
                      GBP'000         GBP'000      GBP'000              GBP'000         GBP'000 
 
 
 
AFC Energy plc         106          242       279                37          173 
 
Digital Barriers plc   178          272       274                 2           96 
 
Energetix Group plc     33           26        26                 -          (7) 
 
Getech plc              40           45        47                 2            7 
 
Photonstar LED Group 
plc                    188           76        98                22         (90) 
 
Tangent 
Communications plc     350          188       268                80         (82) 
                    ------------------------------------------------------------ 
                       895          849       992               143           97 
                    ------------------------------------------------------------ 
 
*After accounting for purchases in the period 
 
Since the period end, the Company has made a number of disposals, receiving 
total proceeds of  GBP431,000. 
 
Changes to share capital 
 Ordinary Shares of 10p each            Shares    GBP'000 
 
 As at 1 September 2012             28,385,141   2,839 
 
 Shares issued in period                     -       - 
 
 Shares bought back and cancelled            -       - 
                                  --------------------- 
 As at 30 November 2012             28,385,141   2,839 
                                  --------------------- 
 
Share Realisation and Reinvestment Programme ("SRRP") 
On 18 December 2012 the Company announced proposals to offer Shareholders the 
opportunity to participate in an SRRP and, for Shareholders and members of the 
public, the opportunity to subscribe up to 2,500,000 additional new shares in 
the Company. The proposals are subject to Shareholder approval at a General 
Meeting to be held on 7 February 2013. 
 
Material events 
Other than described above, there were no material events during the period from 
1 September 2012 to 30 November 2012 or in the period from 1 December 2012 to 
the date of this announcement. 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Downing Income VCT plc via Thomson Reuters ONE 
[HUG#1669269] 
 

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